Dubai property prices fell 0.9 percent year on year in the third quarter after they were little changed in the previous quarter, a UAE central bank report said.
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The coronavirus pandemic has increased pressure on Dubai’s property market, which for years has seen supply outstrip demand for new houses and apartments.
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But the Dubai data showed property prices were stabilizing after a 3.5 percent decline in the first quarter from a year earlier.
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Citing data from the Dubai Land Department, the central bank said rents in Dubai fell 6.9 percent year on year in the third quarter, continuing their declining trend.
The emirate of Abu Dhabi’s property prices fell 5.5 percent in the third quarter but quarter-on-quarter prices were up 0.9 percent, the central bank said.
Rents in Abu Dhabi declined by 3.9 percent year on year in the third quarter.
The UAE economy is expected to contract by 6 percent in 2020, hit by the COVID-19 pandemic and oil output cuts, but it is projected to rebound to growth of 2.5 percent in 2021, led by non-oil GDP growth, the central bank said.
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